Research On Influencing Factors Of China's Technology SMEs Financing Capacity

Scientific and technological innovation is the core strategy of China during the13 th Five Year Plan period.The ability of scientific and technological innovation reflects a country's comprehensive strength and becomes a key factor of national development.Small and medium-sized science and technology enterprises in China are becoming an important new force of economic growth and scientific and technological innovation.Small and medium-sized technology-based enterprises account for only about 1% of the total number of small and medium-sized enterprises in China,but they contribute 80% of the total number of new product R & D and 1 / 3of the number of effective invention patents.Small and medium-sized enterprises have strong vitality,but also play a huge role in promoting the development of the national economy.At the same time,there are also risks,small scale,financing difficulties and other disadvantages.At present,many small and medium-sized technology-based enterprises are in the initial stage and growth stage,with little accumulation of their own,lack of internal financing,and greater constraints on external financing.Based on this practical problem,it is of great significance to find out the factors that affect the financing ability of small and medium-sized technology-based enterprises and improve them.This paper adopts literature research,normative analysis,empirical research and other research methods.Firstly,it clarifies the definition principles of SMEs and technology-based SMEs,and reviews the relevant theories of SMEs financing.After having the theoretical basis of the research,this paper expounds the current situation of the development,financing capacity construction,existing problems and reasons of the small and medium-sized technology-based enterprises in China,and points out that the small and medium-sized technology-based enterprises have difficulties in financing through any channel at present due to their own limitations.Only by improving this situation can the enterprises survive for a long time.Secondly,the empirical research is carried out,taking 51 technology-based SMEs listed in the national stock transfer system as the research samples,making six theoretical hypotheses on the influencing factors of the financing ability of technology-basedSMEs,and then using stata15.0 software to construct the fixed effect model for regression analysis.From the regression results,we can draw a conclusion: the financing ability of sample enterprises and enterprises There is a positive correlation among business scale,asset turnover ability,guarantee ability and profitability,and a negative correlation between business scale,asset turnover ability,guarantee ability and profitability,and between business scale,asset turnover ability and internal accumulation ability.In addition,in order to distinguish the influence degree of these factors on enterprises at different profit levels,the sample enterprises' profit levels are grouped and regressed,and different results are obtained from the first regression.The financing ability influence factors of enterprises with relatively high profit level and enterprises with relatively low profit level are different.Finally,according to the empirical conclusion and the current situation,the paper puts forward countermeasures and suggestions to improve the financing capacity of small and medium-sized technology-based enterprises,including: increasing the government's policy support,strengthening the self construction of small and medium-sized technology-based enterprises,strengthening the credit support of financial institutions for small and medium-sized technology-based enterprises,and improving the financing guarantee system of small and medium-sized technology-based enterprises.The main contribution of this paper is to take small and medium-sized technology-based enterprises as the research object,starting with theoretical research and empirical analysis,to summarize the influencing factors of the financing capacity of small and medium-sized technology-based enterprises,and to put forward countermeasures and suggestions from the government,enterprises,financial institutions and other aspects,so as to enrich the research on the financing problems of small and medium-sized enterprises.